Verdantix Benchmark Reveals The 10 Leaders In Process Safety Management (PSM) Software

Verdantix Benchmark Reveals The 10 Leaders In Process Safety Management (PSM) Software

London, UK. Ongoing consolidation in the process safety management (PSM) software market, driven by private equity investment and opportunity in the adjacent realms of environment, health and safety (EHS), environmental, social and governance (ESG), and sustainability management, is transforming the landscape. The PSM software market has witnessed a shift towards system interoperability and real-time data utilization, to enhance monitoring capabilities, incident detection, and operational safety and efficiency.

To support buyers in this period of rapid change, Verdantix, a leading independent research and advisory firm, has published a comprehensive benchmark report of the 15 most prominent PSM solutions in the market. The research reveals that the ten providers leading the market – Cority, Enablon, Hexagon, Ideagen EHS, Intelex, Prometheus Group, Sphera, TenForce, VelocityEHS and Yokogawa – offer robust all-round PSM software capabilities. However, the intricate nature of PSM requirements poses a challenge for organizations aspiring to digitize and scale safety management workflows.

The report, Green Quadrant: Process Safety Management Software 2023, provides valuable insights for stakeholders involved in selection, implementation, and deriving value from PSM software. Key findings:

• The PSM software market is undergoing consolidation, fuelled by industrial titans and private equity interest, and driven by continued market growth and expanding opportunities in EHS, ESG and sustainability management. Witness Ideagen’s acquisition of DevonWay in 2023, Yokogawa’s acquisition of RAP International in 2019 and VelocityEHS acquiring OneLook Systems in 2021.
• Firms are focusing on interoperability and real-time data streams to monitor people and assets, detect incidents, and enhance operational safety and efficiency. Both TenForce and Ideagen DevonWay partner with Rombit to access frontline worker real-time information.
• Distinct PSM elements are too specialized for a single vendor to offer a comprehensive solution. Organizations often rely on multiple disparate systems, introducing interoperability challenges, user experience (UX) inconsistencies, and siloed expertise. AVEVA's Unified Operations Center offers cross-functional views of industrial facilities, to provide decision-makers with operational context.
• Software vendors must prioritize data management and platform interoperability. Integrated PSM solutions drive efficiencies and safety benefits, while emerging technologies handle varied structured and unstructured data. Enablon and Sphera engage in complex system integration projects with ERM to maximize data utility within their PSM offerings.
• Buyers from high-process-risk industries seek comprehensive, configurable and user-friendly PSM solutions. Preference is given to vendors offering a range of process safety risk solutions, such as asset-related management, connected worker solutions, contractor management, and training – as seen with Prometheus Group and its RiskPoynt barrier management, Master Data-as-a-Service and control of work solutions.

"As the PSM software landscape evolves amid market consolidation and digital transformation, our report illuminates the dynamic interplay of innovation, acquisitions and corporate digitization efforts,” commented Joe Lamming, Industry Analyst, Verdantix. “Navigating the challenges of integration and data management is paramount for organizations seeking holistic PSM solutions in an ever-expanding market."

For more information, join the webinar Process Safety Management Software Benchmark: Accelerate Vendor Selection on 30 November.